China's central bank cuts rates for sixth time since November

[October 23, 2015]  BEIJING (Reuters) - China's central bank cut interest rates for the sixth time since November on Friday in another attempt to jumpstart a slowing economy.

The People's Bank of China (PBOC) said on its website that it was lowering the one-year benchmark bank lending rate by 25 basis points to 4.35 percent, effective from Oct. 24.

The one-year benchmark deposit rate was also lowered by 25 basis points to 1.50 percent.

China has pursued its most aggressive policy easing cycle this year since the 2008/09 global financial crisis, as policymakers seek to invigorate an economy beset by weak demand and excessive industrial capacity.

(Reporting by Koh Gui Qing and Winni Zhou; Editing by Mike Collett-White)

[© 2015 Thomson Reuters. All rights reserved.]

Copyright 2015 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.